Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: edgeX against KuCoin−0.058%98s7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1141.141% of the position

Long on KuCoin Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.283%+$28 · spread now −0.058%, 7d avg −0.010%

Together, before fees+0.283%+ Points / potential airdropedgeX: Active · farm board+$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.048% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.010%. The two prices were read 98 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4511	0.0100	pay 0.0100% / 8h	1h 27m	$874K	$558K	50x
Short	edgeX PENDLEUSDC	2.4497	0.0100	get 0.0050% / 4h	1h 27m	$24K	$373K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KuCoinbpFee edgeXbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → −0.010%: −$4.85
Slippage, 4 orders: −$93.09
Fee KuCoin: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$118.94
Costs to cover: 1.141%
Break-even: never at this rate

Slippage from KuCoin: live order book, 61 min ago; edgeX: live order book, 16 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy KuCoin live order book, 61 min ago	7.15 bp	50.6 bp −$51	149.9 bp −$1,499	doesn't fit	doesn't fit
Sell edgeX live order book, 16 min ago	1.43 bp	6.3 bp −$6	58.0 bp −$580	doesn't fit	doesn't fit

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.4348%	1h	2.4250	−1.065%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0362%	1h	2.4489	−0.090%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.4484	−0.110%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	−0.004%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.4491	−0.082%	$1.1M	$497K	75x	as long as short
Gate PENDLE_USDT	+0.0020%	8h	2.4500	−0.045%	$754K	$1.0M	75x	as long as short
MEXC PENDLE_USDT	+0.0046%	8h	2.4496	−0.061%	$17.5M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4498	−0.054%	$158K	$478K	10x	as long as short
Binance PENDLEUSDT	+0.0048%	8h	2.4497	−0.058%	$25.9M	$45.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4504	−0.030%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4495	−0.065%	$519K	$416K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4484	−0.108%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4486	−0.103%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4528	+0.069%	$12.7M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4503	−0.033%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	−0.086%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4520	+0.037%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4511	long leg	$874K	$558K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4517	+0.024%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4498	−0.053%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4486	−0.103%	$590K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4497	−0.058%	$24K	$373K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4493	−0.073%	$404K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4498	−0.053%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4514	+0.012%	$16K	$6K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4498	−0.053%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4496	−0.062%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0522%	1h	2.4543	+0.131%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.118%	$159K	$503K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4561	+0.206%	$115K	$261K	20x	as long as short